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Price Action Forex Trade Setups (NY Close) Apr. 3rd
Dollar Takes No Prisoners Post FOMC No Bond Buying Comments
Already slightly up but cautious ahead of the FOMC minutes, the USD beat up the majors across the board as the Fed gave no new hints or comments about upcoming monetary easing or bond buying to support the struggling economy. Honestly, it is hard to believe any central banker regarding these things as they have some short circuit in their brains that when things go bad, they hit the CTRL + P button and print more money – find me a central banker recently who has not done this over the last 4 years when things got bad and you have your answer.
Regardless, global investors took this as a sign no QE3 is coming and this hit the stocks with the DOW dropping 64.94pts on the day or .49% and the S&P down 5.66pts or .40%. Gold, Silver and the majors were also casualties post FOMC comments which surprised traders globally with most expecting further easing. The market thought free money was coming into the market and the Fed basically said they will only do more easing if things get really bad.
Remember we still have a slew of announcements coming up the rest of this week ahead of the holiday coming this weekend which will surely zap liquidity as the week treads on. But for now, we expect volatility to be strong until after Thursday London close.
EURJPY – Forex Pin Bar Setup Off Daily 20ema
After getting hammered yesterday, the EURJPY was held up today by the dynamic support coming in today as the daily 20ema forming a forex pin bar setup. Traders can watch for a pullback into the 20ema for if this holds, there could be a really good setup targeting the 111.00 figure offering a great reward to risk play so watch for the pullback and price action triggers off this level.
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